As the age-old adage says, you have to spend money to make money. For small-to-midsize businesses (SMBs) like a service company or a locksmith business, this is frequently easier said than done. Finding the funding you need to run your business and help it grow can sometimes prove to be a challenge, but the right prepaid business card can be the solution.
The Benefits of a Prepaid Business Card
Traditional credit cards and business loans can allow SMBs to purchase the tools and materials they need to operate, but they also pose risks for users. SMB owners relying on these methods to fund their business often fall victim to late fees and interest, not to mention the potential pitfall of racking up debt without paying it off.
With a prepaid card that’s tailored for SMBs, business owners can better control their spending and payments to remain in control. The WorkWave Business Builder Visa, for instance, allows SMBs to fund a line of credit through their profits to build their credit and grow toward their business goals.
Getting the Ball Rolling
Whatever type of funding you choose to pursue, getting started can often be the hardest part for SMBs. As smaller — and often newer — businesses, many SMBs find it difficult to get approved for the funding they need to thrive. This can be a result of having poor credit or lacking enough credit history, both of which make businesses appear riskier for lenders.
Just like the name suggests, the WorkWave Business Builder Visa is intended to help SMBs grow by giving them the chance to get the credit lines that they need. In fact, the Business Builder Visa has a 99% applicant approval rate.
Take Control of Fees & Interest
A major benefit of prepaid business cards is that they allow SMBs to control how much they spend. The Business Builder Visa builds on this principle and takes it to the next level, allowing users to automatically channel a percentage of their profits — which they choose — to the card each month.
This amount is then applied directly to their balance, effectively automating the payment process. Easy and automatic, this process gives SMBs the benefit of potentially eliminating late fees and interest altogether. This not only reduces unnecessary costs but can help businesses improve their credit for a stronger future. With proper planning, the card can even serve as a way to fund new initiatives without the need to take on debt.
The Support SMBs Deserve
A longtime leader in the field service industries, WorkWave created the Business Builder Visa as a chance for businesses to partner with an ally dedicated to helping them grow to go beyond service.As an advocate for its customers, Payments by WorkWave is committed to providing integrated tools like the Business Builder Visa to help them reach their full potential and truly thrive. To learn more about the WorkWave Business Builder Visa and how it can help your business reach its financial goals, be sure to explore our FAQ and schedule a free demo today.